Mr. Toby Pierce reports

NEW ZEALAND ENERGY CORP. ANNOUNCES DELAY IN THE FILING OF ITS ANNUAL DISCLOSURE

New Zealand Energy Corp. will delay the filing of certain required annual disclosure documents beyond the April 30, 2026, filing deadline.

The delayed filings include the company's audited annual consolidated financial statements for the year ended Dec. 31, 2025, its related management's discussion and analysis, and chief executive officer and chief financial officer certificates required by National Instrument 52-109, Certification of Disclosure in Issuers' Annual and Interim Filings, along with New Zealand Energy's forms 51-101F1, F2 and F3, as required by Part 2 of National Instrument 51-101, Standards of Disclosure for Oil and Gas Activities.

The company's filing delay has arisen due to timing considerations in the completion of the company's year-end reporting process, including the impact of recent changes in the company's senior management and external auditor. These transition matters have contributed to delays in completing the company's independent oil and gas reserves evaluation, which is required to finalize both the company's annual reserves disclosure and its audited annual consolidated financial statements for the year ended Dec. 31, 2025.

The company is working diligently with its independent reserves evaluator and external auditor to finalize the reserves evaluation and complete the audit of the annual consolidated financial statements as expeditiously as possible. Based on this continuing work, the company currently expects to file the required documents before June 1, 2026.

In connection with the anticipated filing delay, New Zealand Energy applied to the British Columbia Securities Commission (BCSC), as its principal regulator, for a management cease trade order under National Policy 12-203, Management Cease Trade Orders. The BCSC approved the application and issued the management cease trade order on May 1, 2026. Under the terms of the BCSC approval, the company is required to file the required documents no later than June 29, 2026. If the company's audited annual consolidated financial statements for the year ended Dec. 31, 2025, are filed after June 1, 2026, the company must file its interim financial statements, related disclosures and certifications within five business days of filing the required documents.

The management cease trade order will generally not affect the ability of persons who are not or have not been management of New Zealand Energy to trade in its securities.

In accordance with the alternative information guidelines under NP 12-203, the company will issue biweekly status reports in the form of news releases for so long as it remains in default of its filing requirements. The BCSC may issue a general cease trade order against New Zealand Energy for failure to file the required documents or, if applicable, for a failure by New Zealand Energy to complete its interim filings, within the prescribed time period or sooner if New Zealand Energy fails to file its status reports during the prescribed time limits.

New Zealand Energy confirms that there is no other material information concerning its affairs that has not been generally disclosed. Other than as disclosed herein, the company is current with respect to its filing obligations.

About New Zealand Energy Corp.

New Zealand Energy is a publicly listed energy company focused on the development of oil, gas and gas storage opportunities in New Zealand. The company holds interests in multiple heritage assets and development-stage projects, including the Tariki gas storage project in Taranaki. With a 50-per-cent ownership stake in the Waihapa production station, the company can quickly tie in any near-term production and sell directly to market.

We seek Safe Harbor.